Wednesday, July 5, 2023

Housing and Investment

In a variation of the question about housing as a human right, Sheldon MacLeod reporting on the Saltwire web page asks two questions in an interview with Dr. Levitin-Reid, a CCPA-NS Research Associate and an Associate Professor in the MBA in Community Economic Development program at Cape Breton University.


Right or Commodity?


Is housing a basic human right or an investment?

Can homes and apartments be commodities and at the same time be considered a basic human need?


MacLeod asks if it's the type of housing that is not being built by the private sector that is sorely missing in this path to affordability. Catherine Levitin-Reid sees a need for a massive investment in non-market housing.


Well, I see as far as housing supply, we need a massive investment in non-market housing. So, some of that should be public housing. Some of that should be nonprofit, and cooperative housing as well, but all nonmarket — all available with a goal of providing affordable housing for Nova Scotians, rather than making profit for owners. (MacLeod, 2023)


MacLeod inquires about the changes in the past that helped commodify housing stock. Catherine Levitin-Reid notes that the federal government pulled out of the building of affordable housing in the early 1990s and the province didn't step up and take its place.


This really is a key reason why we are experiencing the affordable housing crisis that we are today. Certainly, when there was that modest reinvestment that began around 25 years ago, we just didn't see the scale of investment that was required. And then they also at that point in time, started relying more on private sector partners to build affordable housing. And that housing has agreements in place so that that housing has to be affordable for 15 years. But after that rents can be increased. (MacLeod, 2023)


Halifax Councillor Waye Mason has expressed that in this time of likely global housing price collapse, high interest rates, and recession we are in need of the government to help preserve our labour force by funding affordable housing construction. His concerns have been expressed in a letter to Nova Scotia Municipal Affairs and Housing Minister, John Lohr.



Finally and most importantly, you are responsible for affordable housing construction in Nova Scotia.  In the election, Premier Houston promised to deliver the Affordable Housing Commission report.  That report talks extensively about the need for social or below-market housing.   I say again to you Minister, the market will not produce below-market housing.


You need to have a massive plan to build affordable housing, and you needed it a year ago.  With the coming global housing price collapse, high-interest rates and recession, there has never been a better time for the government to help preserve our labour force by funding affordable housing construction. (Mason, 2022)


Pressures arising from housing insecurity continue to negatively impact homeless people and persons in danger of loss of housing. This is a problem that requires government attention.



References


MacLeod, S. (2023, June 29). THINKING OUT LOUD: Rent supplements don’t always add up to affordable housing. SaltWire. Retrieved July 5, 2023, from https://www.saltwire.com/atlantic-canada/opinion/local-perspectives/thinking-out-loud-rent-supplements-dont-always-add-up-to-affordable-housing-100869008/ 



Mason, W. (2022, November 15). Correspondence from Councillor Mason to Minister Lohr Regarding Housing. Waye Mason, Councillor. Retrieved November 15, 2022, from https://wayemason.ca/2022/11/15/correspondence-from-councillor-mason-to-minister-lohr-regarding-housing/ 


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